Partner Article

Ellandi swoops to snap up Merseyside shopping centre

Specialist shopping centre investor and asset manager, Ellandi, has acquired The New Strand Shopping Centre in Bootle for an undisclosed sum.

The Strand is a 356,700 sq. ft. retail scheme which was built and opened during the 1960s and subsequently extended between 1997 and 1998.

Its town centre location has attracted key retailers including Marks & Spencer, Wilko’s, Boots, Argos, New Look & Tesco.

Morgan Garfield, Managing Director at Ellandi said: “We are delighted to make this latest acquisition. The Strand Shopping Centre offers both an attractive yield and opportunities for asset management initiatives to add further value.

“The smooth process of due diligence, acquisition management and funding, investor liaison andefficient deal execution is a testament to the expertise and resources at Ellandi.

“Together with our joint venture partners and equity relationships we look to build on this and make further acquisitions for the platform in the near future”.

Richard Hutchinson, Asset Manager at Ellandi added: “With our proven track record of turning around older community schemes, as well as our enviable nationwide network of retailer relationships, we are looking forward to rolling up our sleeves and transforming The Strand into a scheme that meets both modern retailer requirements and shoppers’ expectations.

“We have already had significant discussions with the local council and other key stakeholders and have plans in place to refresh the entrances and update the graphic identity and signage of the centre”.

The Strand becomes the twelfth community shopping centre owned by Ellandi. The company now has a portfolio with an NOI of £28.1 million and is made up of 2.7 million sq ft of retail space across 900 units with economic vacancies of retail units held at less than 5%.

Irwin Mitchell LLP acted on behalf of Ellandi.

This was posted in Bdaily's Members' News section by Simon Malia .